- In section 194LC of the Income-tax Act,-(i)in sub-section (1), the following proviso shall be inserted, namely: -"Provided that in case of income by way of interest referred to clause (ib) of sub-section (2), the income-tax shall be deducted at the rate of four per cent.";(ii)in sub-section (2), -(a)in clause (i), in sub-clause (a) and sub-clause (c), for the figures "2020", the figures "2023" shall be substituted;(b)in clause (ia), for the figures and word "2020, and", the figures and word "2023, or" shall be substituted;(c)after clause (ia), the following clause shall be inserted, namely:-"(ib) in respect of monies borrowed by it from a source outside India by way of issue of any long-term bond or rupee denominated bond on or after the 1st day of April, 2020 but before the 1st day of July, 2023, which is listed only on a recognised stock exchange located in any International Financial Services Centre, and";(iii)in the Explanation, after clause (b), the following clauses shall be inserted,namely:-'(c) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005; (28 of 2005);(d)"recognised stock exchange" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43.'.
